G8 to provide $20 billion in aid

DEAUVILLE, France, May 27 (UPI) -- G8 nations say they will give $20 billion to support countries transitioning to democracy in the Middle East and North Africa.

G8 leaders made the announcement at the summit in Deauville, France, saying the money would pass through multilateral banks, including the European Investment Bank and the World Bank, the Canadian Broadcasting Corp. reported.

Canada won't be providing any new money, saying it already makes a yearly commitment of billions of dollars.

France has pushed for the G8 to mobilize its support and financial aid for Egypt and Tunisia to protect early democratic reforms in both countries.

Additionally, U.S. President Barack Obama offered a $2 billion package of loan guarantees and direct debt forgiveness to Egypt. France and Britain have pledged hundreds of millions in aid for both developing democracies.

The International Monetary Fund said it is prepared to lend up to $35 billion to oil-importing nations in the Middle East and North Africa.